FTX collapse

EDITOR, The Tribune.

This past week has been one of the most eventful for a long time if not years – yes, FTX alone saw us googling and reading so much that we saturated our minds and thoughts. Ask ten people their opinion and you will get 12 opinions or more.

For sure from the start of FTX’s arrival they were treated seemingly as VIP potential investors and originators and formers of the thought it could possibly be the Bitcoin era for The Bahamas – we heard of very substantial donations being made then the Royal Visit and FTX sponsorship (heard $180,000) purchasing of real property many millions worth and lord we hit oil – there is something here.

Last Sunday, the air came out of the balloon of Bitcoin that hung over New Providence – FTX was closed and everything seized and under management of the Supreme Court.

One must ask were we too fast on the approvals and swallowing what honestly was make believe? Mama would never have swallowed that story… she always says what sounds incredible, leave it alone.

Long Island development – pleased to read about this, but a cruise port with capability of receiving two 3,000 passengers each ship? There is not the infrastructure. I suggest best think a little smaller.

Deficits – yes, for this current fiscal period owing to the improvement of the economy and deliberate collection of the multi-millions of arrears/due taxes we probably do look better, but we can’t forget in 2023 we had to redeem $251,459,000; ‘24 – $509,781,000; ‘25 – $184,054,000(election); ‘26 – $$447,618,000 and these amounts exclude the ‘political deficit’.



November 19, 2022.


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